2007-080 Council Resolution - Laserfiche WebLink

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• • pursuant to Minnesota Statutes, Sections 469.124 through 469.134 and Sections 469.090 to 469.1081 (the "Act "); (b) the City and Authority have duly established tax increment financing district nos. 1 -10 and 1 -11 (the "TIF District ") within the Project Area pursuant to Minnesota Statutes, Section 469.174 to 469.179 (TIF Act); (c) the City is authorized by Section 469.178 of the TIF Act to issue and sell its general obligations to pay all or a portion of the public development costs (the "Costs ") related to the Project Area as identified in the tax increment financing plans (the "Plans ") for the TIF District; (d) the following Costs to be financed by the Bonds are authorized by the Plan: Improvements: Cost I -35W /Lake Drive Interchange Construction Fund Underwriter's Discount Allowance Costs of Issuance Rounding Amount Total $4,134,664.00 44,257.50 35,725.00 353.50 $4,215,000.00 (e) it is necessary and expedient to the sound financial management of the affairs of the City to issue $4,215,000 General Obligation Tax Increment Bonds, Series 2007A (the "Bonds ") to provide financing for the Costs. 2. In order to provide financing for the Costs, the City will therefore issue and sell Bonds in the amount of $4,170,743. In order to provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $44,257. The excess of the purchase price of the Bonds over the sum of $4,170,743 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds, unless otherwise provided in the resolution awarding sale of the Bonds. The Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal: 311663v1 SJB LNI40 -100